CIT Leads $85 Million Financing for 80-Megawatt Pioneer Solar Project in Colorado

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced its Power and Energy unit served as sole lead arranger for an $85 million financing of the 80-megawatt Pioneer Solar project near Denver, Colorado. This financing supports Idemitsu Renewables, a solar project developer, to sell power to Intermountain Rural Electric Association. CIT's financing bolsters renewable energy production in the Greater Denver area, showcasing its expertise in arranging solar project financing. The bank also provides cash management and capital markets services as part of this financing effort.

Positive

• CIT arranged $85 million financing for the 80-megawatt Pioneer Solar project.
• Strengthens CIT's position as a leading bank in renewable energy financing.
• Supports growth of solar energy in Colorado, enhancing regional renewable power supply.

Negative

• None.

NEW YORK, June 24, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy unit served as sole lead arranger on an $85 million financing for the 80-megawatt Pioneer Solar project near Denver, Colorado.

The financing was arranged on behalf of project sponsor Idemitsu Renewables (formerly Solar Frontier Americas), a leading solar project developer that has successfully built and sold hundreds of megawatts of utility-scale solar power since 2015. The project will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado.

"This project represents a significant addition of renewable power to the Greater Denver area," said Cary Vandenberg of Idemitsu Renewables. "We were pleased to leverage the agility and expertise of CIT, which is well-recognized for its capabilities in arranging financing for solar projects across the U.S."

"As one of the leading banks financing renewable energy, we are excited to support Idemitsu Renewables in arranging financing for this important new project that supports the growth of solar power in Colorado," said Mike Lorusso, managing director and group head for CIT's Power and Energy business.

In connection with the financing, CIT is providing a package of cash management and capital markets services.

Power and Energy, part of CIT's Commercial Finance division, leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

About Idemitsu Renewables (formerly Solar Frontier Americas)
Idemitsu Renewables, the U.S. based renewable energy subsidiary of Idemitsu Kosan Co.,Ltd, is a leading solar and energy storage developer and independent power producer. The company acquires, develops, owns, and operates utility-scale solar power generation plants and sells clean energy to help communities both economically and ecologically. With offices in California and Nevada, Idemitsu Renewables continues to develop its growing pipeline of energy projects. Learn more at http://idemitsurenewables.com/.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com

 

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SOURCE CIT Group Inc.

FAQ

What did CIT Group announce on June 24, 2020?

CIT Group announced that its Power and Energy unit led an $85 million financing for the 80-megawatt Pioneer Solar project in Colorado.

Who is the project sponsor for the Pioneer Solar project?

The project sponsor for the Pioneer Solar project is Idemitsu Renewables.

What is the significance of the Pioneer Solar project financing?

The financing represents a major investment in renewable energy, enhancing solar power generation in the Greater Denver area.

What type of services is CIT providing alongside the financing?

CIT is providing cash management and capital markets services in connection with the financing.

Which cooperative will receive power from the Pioneer Solar project?

The power will be sold to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative.